Trick Or Treat!

I have a web server setup to host both .NET 1.1 and .NET 2.0 web
applications. The applications are isolated by virutal directories
(VirtDir1 points to C:\Inetpub\wwwroot\app1, VirtDir2 points to C:
\Inetpub\wwwroot\app2, etc). The ASP.NET property for each virtual
directory is set to 1.1.4322 or 2.0.5xxxx based on which version the
application was build with.
Everything works fine...there is peace and harmony between
applications until....

I created using (VS 2005 - .NET 2.0) an HTTP Module in a .dll. Once
created, I created a strong name and associated the .dll with it. On
the server, I installed the .dll in the GAC. I then added a web.config
file in the website root directory (c:\Inetpub\wwwroot) which
identifies the HTTP Module, so that all .NET applications will
automatically use the module. My .NET 2.0 applications pick up the
module correctly and I get the expected the result. The 1.1
applications do not work correctly - I am given the error message

An error occurred during the processing of a configuration file
required to service this request. Please review the specific error
details below and modify your configuration file appropriately.

and, to paraphrase, it tells me that the dll (assembly)  (or one of
its assemblies) holding the module cannot be found.

It appears that since the application was built using the 1.1
libraries, only .NET 1.1 libraries will be included in resolving
external assembly references. Is this assumption correct? If so, how
do I remedy this?

Thanks in advance

DotNet Dude